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Unformatted text preview: III. R OLE OF I DEAS IN DETERMINING M ONETARY P OLICY A CTIONS AND O UTCOMES A. Overview B. Early Martin Era Key idea: Intuitive natural rate hypothesis C. Late Martin and Early Burns Key idea: Exploitable inflation-output tradeoff Key idea: Unrealistically low estimate of the natural rate D. Middle Burns and Miller Key idea: Slack doesnt matter E. Late Burns, Volcker, and Greenspan Key ideas: Slack matters and the natural rate is fairly high G. Bernanke and the current FOMC Key idea: Loss of credibility could be harmful...
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This note was uploaded on 02/28/2012 for the course ECON 134 taught by Professor Davidromer during the Spring '12 term at University of California, Berkeley.
- Spring '12
- Monetary Policy